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- 🎉 Gate US Stock Token Trading is Now Live! Spot, Futures, and Alpha Zone – All Open!
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💬 What derivatives or other products have you recently traded
The US's Cryptocurrency Friendly GENIUS Law Has Been Rejected! The US Treasury Secretary Made a Statement!
The stablecoin legislation titled "GENIUS Act", which has been expected to be approved for a long time in the USA, has been rejected by the US Senate.
The GENIUS bill was rejected with 48 "yes" votes and 49 "no" votes in a critical vote.
As U.S. senators like Senator Cynthia Lummis express their disappointment over the rejection of the GENIUS Act, a statement also came from U.S. Treasury Secretary Scott Bessent.
Scott Bessent harshly criticized the Senate's decision to halt the progress of the GENIUS Act.
The GENIUS proposal defines it as an intergenerational opportunity to expand dollar dominance and increase the impact of the U.S. financial innovation, arguing that stablecoins and cryptocurrencies need U.S. leadership.
"The world needs American leadership for stablecoins and other digital assets to develop globally."
The Senate missed the opportunity to provide this leadership by not advancing the GENIUS Act today.
This bill represents a once-in-a-generation opportunity to expand dollar dominance and the U.S.'s influence in financial innovation. Without this, stablecoins will be subject to a patchwork of state regulations rather than a fluid federal framework that is more conducive to growth and competition.
Today, U.S. senators who voted to stifle creativity are faced with a simple choice: Either they step up and lead, or they watch digital asset innovation drift away from the shore.